The price of Solana (SOL) has fallen by 3.45% in the last 24 hours, reaching approximately $144 on June 16. This decline surpasses the overall market drop of 1.5% during the same period. The primary factors influencing SOL's price decline are the growing popularity of its competitor, Ethereum (ETH), and stagnation in the Solana ecosystem's flows.Since the filing of Ethereum ETFs with the SEC, the SOL/ETH pair has dropped by 22.65%. Solana's market share decreased from 3.30% to 2.82%, while Ethereum's share increased from 15.78% to 18.04%. Additionally, investments in Ethereum significantly exceeded those in Solana. In the week ending June 8, investments in Ethereum amounted to $68.9 million, whereas in Solana, they were only $0.7 million.The total value locked (TVL) in Solana's ecosystem remains stagnant. Leading Solana projects such as Jito, Marinade, and Kamino have shown a slight decrease in SOL reserves over the past 24 hours. The drop in SOL's price is also linked to a reduction in the number of users on decentralized exchanges (DEX) on the Solana blockchain. Technically, SOL's price decline is part of a correction that began on June 6, with potential for either a rebound or further decline.
